Lithuania excels in startups and digital competence, boasting strong ecosystem support and attracting international investment.
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Lithuania possesses significant strengths in its startup ecosystem, ranking globally in first place for the ratio of unicorns to Gross Domestic Product (GDP) and first place for aligning digital competencies with business needs. It also ranks sixth globally and fourth in Europe in cybersecurity. Vilnius is recognized as the most startup-friendly city in the EU for the cybersecurity industry. While other countries like Hungary have a high number of startups, they often fail to develop unicorns due to companies moving abroad for better conditions. In contrast, Lithuanian startups tend to remain in the country, contributing substantial tax revenue and employing nearly 19,000 people. Lithuania benefits from a well-developed ecosystem, including science and technology parks, innovation centers, incubators, accelerators, and active local investors, which supports startup growth. Efforts are continuously made to improve the environment, with initiatives like attracting major international accelerators and funding international participation for young businesses. The success of Lithuanian startups is largely driven by digital solutions, with companies like “Vinted,” “Nord Security,” and various AI and cybersecurity firms leading in both revenue generation and investment attraction. Currently, around 1050 startups are active in Lithuania, with potential growth to 1500.
